[  Secret.] 
[  Senate  Bill  No.  1 1 .] 

SENATE,  January  23,  1863. — Read  first  and  second  times,  and 
referred  to  Committee  on  Finance.  January  30,  1863,  reported  with 
amendment,  and  bill  and  amendment  ordered  to  be  printed.  February 
9,  1863,  transferred  to  secret  calendar,  considered  and  pending  at 
adjournment.     February  10,  1863,  read  tbird  time  and  passed. 

JAMES  II.  NASH,  Secretary. 

HOUSE  OF  REPRESENTATIVES,  February  11,  1863.— Taken 
up,  read  first  and  second  times,  and  referred  to  Committee  on  Ways 
and  Means. 


J^  BILL 

To  be  entitled  "An  Act  to  provide  for  the  further  issue  of  treasury 
notes,  and  for  other  purposes." 

1  The  Congress  of  the  Confederate  States  of  America  do  enact,  That 

2  all   treasury  notes,  not  bearing  interest,  issued  previous  to  the 

3  first  day  of  December,  eighteen  hundred  and  sixty-two,  shall  be 

4  fundable  in  eight   per  cent,  bonds  or  stock,   until   the  twenty- 

5  second  day  of  April,   1863;  that  from  that  date   until  the   first 

6  day  of  July,   1863,  they  shall  be  fundable  in   seven   per  cent. 

7  bond.s  or  stocks,  and  after  the  said  first  day  of  July,  they  shall 

8  no  longer  be  fundable  at  the  pleasure  cf  the  holder,  but  shall  be 
Q  receivable  in  payment  of  public  dues,  and  payable  six  months 


8 

10  after  the  ratification  of  a  treaty  of  peace,  as  specified  on   their 

11  face.      All  treasury  notes  not   bearing  interest,  issued  after  the 

12  first    day  of  December,   eighteen  hundred   and  sixty-two,   and 

13  Avithin  ten  days  after  the  passage  of  tliis  act,  shall  be  fun  lable  in 

14  seven  per  cent,  bonds  or  stock,  until  the  first  day  of  July  next; 

15  and  after  the  said  first  day  of  July,  shall   be   fundable   only  in 

16  bonds  bearing  interest  at  the  rate  of  four  per  cent,  per  annum, 

17  and  payable  at  any  time,  not  exceeding  thirty  years   from  the 

18  date  thereof,  according  to  such  plan  as   may  be  adjusted  l)y  the 

19  Secretary  of  the  Treasury,  and  all  such  notes  not  funded  shall 

20  be  receivable  in  payment  of  all  publij  dues  except  the  export 

21  duty  on  cotton,  and  shall  be  payable  six  months  after  the  ratifi- 

22  cation  of  a  treaty  of  peace  between  the  Confederate  Government 

23  and  the  United  States.     All  treasury,  notes,  bearing  interest  at 

24  the  rate  of  7.30  per  cent,   per  annum,   and  all  call  certificates 

25  bearing  eight  per  cent,  interest,  shall,  with  the  accrued  interest, 

26  be   fundable  on  or  before  the  first  day  of  July,    1863,  into  bonds 

27  of  the  Confederate  States,  bearing  interest  at  the   rate   of  eight 
23  per  cent,   per  annum,   and  payable   at 'any  time,  -not  exceeding 

29  thirty  years  after  their  date,  provided  that   the   accrued   interest 

30  aforesaid  may,  at  the   option   of  the   holder,   be   paid   instead  of 

31  being  funded.     All  call  certificates  of  every  description,  and  all 

32  notes  bearing  interest  at  the  rate  of  7.30  per  cent,  per  annum, 

33  outstanding  on  the  first  day  of  July,  1863,  shall,  after  that  date, 


S  £L 


34  be  deemed  to  be  bonds,  bearing  an  annual   interest  of  six   p8r   ■^'^f 

35  cent,    and    payable   at   a   date  not  exceeding   thirty  y^ars  frofn 

36  the  said  first  day  of  July,  1863. 

1  Sec.  2.  In  lieu  of  the  power  heretofore  given  by  law  to  the 

2  Secretary  of  the  Treasury  to   issue    treasury   notes,  bea'ring  nd 

3  interest,  he  shall  be  authorized  to   issue  monthly,  an  amount  of 

4  such  notes,  not  exceeding  fifty  millions  of  dollars,  which  shall  bei 

5  receivable  in  payment  of  all  pnblic  dues,  except  the  export  dutj! 

6  on  cotton,  payable  within  six   months   after  the   ratification  of  £f 

7  treaty  of  peace  between  the  Confederate  States  and  the  United 

8  States,  and  fundable  at  the  pleasure  of  the  holder,  in  bonds  of  the* 

9  Confederate  States,  payable  at  any  time,  not  exceeding  thirty  year^ 

10  after  date,  and  bearing  rates  of  interes.  as   follows:     If  funded 

1 1  within  six  months  from  the  first  day  of  the  month  of  their  issue  J 

12  the  bonds  shall  bear  six  per  cent  interest  per  annum  ;  if  funded' 

13  after  that  period,  they  shall  be  fundable   into  bonds  bearing  four 

14  per  cent,  interest  per  annum.     These  notes  shall  bear  upon  their" 

15  face  the  month  and   year  of  their  issue,  and  if  not  funded  shall 

16  be  paid  at  the  time  specified  on  their  face,  without  interest. 

1  Sec.  3.  After  the  passage  of  this  act,  the  authority  heretofore" 

2  given  to  issue  call  certificates  shall  cease,  but  the  notes  fundable 

3  into  six  per  cent,  bonds  may  be  converted,  at  the  pleasure  of  the 

4  holder,  into  call  certificates,  bearing   interest  at  the  rate  of  sfx 

5  per  cent,  per  annum  from  the  date  of  th6ir  issue.     That    every 


4 

f  such  certificate  shall  bear  upon  its  face  the  monthly  date  of  the 

T  oldest  of  the  notes  which  it  represents,  and  be  convertible  into 

8  like  notes  at  any  time  within  six  months  from  the  first  day  of  the 

9  month  of  its  monthly  date  aforesaid.     But  every  certificate  not 

10  reconverted  within  six  months  from  the  first  day  of  its  monthly 

11  date  shall  be  deemed,  and  taken  to  be  a  bond  payable  at  any  time, 

12  not  exceeding  thirty  years  from  the  expiration  of  said  six  months, 

13  according  to  such  plan  as  may  be  adjusted  by  the   Secretary  of 

14  the  Treasury,  and  bearing  interest  at  the   rate  of  six  per  cent. 

15  per  annum.     Treasury  notes  which,  by  the  operation  of  this  act, 

16  become  fundable  into  bonds,  bearing  a  yearly  interest  of  four 

17  per  cent,  may  be  converted,  at  the  pleasure  of  the  holder,  into 

18  call  certificates,  bearing  interest  at  the  rate  of  four  per  cent. 

19  per   annum,    from    their   date,  until    reconverted   or    paid,    the 

20  said  certificates  being   reconvertible  at  any  time  by   the  holder 
SI  into  notes  fundable  in  four  per  cent,   bonds,  and  payable  and 

22  receivable    as  heretofore  prescribed.     But   the  said  certificates 

23  may  be  redeemed  by  the  Government,  after  six  months  from  the 

54  ratification  of  a  treaty  of  peace  between  the  Confederate  States 

55  and  the  United  States. 

1  Sec.  4.  The  Secretary  of  the  Treasury  shall  use  any  disposa- 

2  ble  means  in  the  Treasury  which  can  be  applied  to  that  purpose 

3  without  injury  to  the  public  service,  to  the  purchase  of  treasury 

4  notes  bearing  no  interest,  and  issued  after  the  passage  of  this 


5 

5  act,  until  the  whole  amount  of  treasury  notes  in  circulation  shall 

•^  not  exceed  one  hundred  and  seventy-five  millions  of  dollars, 

1  Sec.  5.  The  treasury  notes  hereby  allowed  to  be  issued  shall 

2  be  of    any  denomination  of  not  less  than  five  dollars,  which  13 

3  now  authorized  by  law,  that  the   Secretary  of  the  Treasury  may 

4  direct.     The  authority  hereby  given  shall  cease  at  the  expiration 

5  of  the  first  session  of  Congress  after   the  ratification  of  a  treaty 

6  of  peace,  or  at  the  end  of  two  years,  should  the  war  continue  so 

7  long. 

1  Sec.    6.   In    addition    to  the  authority  hereinbefore  given   to 

2  the  Secretary  of  the  Treasury  to  issue  treasury  notes,  he  shajl 

3  be  allowed  to  issue  notes  of  the  denominations  of  one  dollar,  and 

4  of  fifty  cents,  to  such  an  amount  as,  in  addition  to  the  notes  of 

5  the  denomination  of  one  dollar  heretofore  issued,  shall  not  exceed 

6  the    sum    of   fifteen  millions  of   dollars;    and  said    notes   shall 

7  be  pajBible  six  months  after  the  ratification  of  a  treaty  of  peace 

8  between  the  Confederate  States  and  the  United  States,  and  re- 

9  ceivable  in  payment  of  all  public  dues,  except  export  duty  on 
10  cotton,  but  shall  not  be  fundable. 

1  Sec.  7.  That  the  Secretary  of  the  Treasury  be  authorized  to 

2  sell  bonds  bearing  six  per  cent,  interest  per  annum,  and  payable 

3  as  hereinbefore  directed  at  par  for  treasury  notes  issued  since  the 

4  firSI  of  December,  1862,  to  such  of   the  Confederate   States  as 

5  jnay  desire  to  purchase  the  same ;  or  he  may  sell  such  bonds, 


6 

6  when  guaranteed  by  any  of  the  States  of  the  Confederacy,  upon 

7  such  plan  as  may  be  determined  by  the  Secretary  of  the  Treasur^, 

8  for  treasury  notes,  on  such  terms  as  he  may  deem  advisable,  to 

9  the  highest  bidder,  and   not  belo^v  par:   Provided,  how :ver,  That 

10  the  whole   amount  of  such  bonds  shall   not  exceed  two  hundred 

1 1  millions   of  dollars :     And  provided,  furf/ier,    That  the   treasury 

12  notes  thus  purchased   f^hall   not  be  reissued,  if  the  effect  of  such 

13  reissue  would  be  to  increase  the  whole  amount  of  treasury  notes 

14  tearing  no  interest,  which  are  in   circulation,  to  a  sum  greater 

15  than  one  hundred  and  seventy-five  millions  of  dollars.     And  the 

16  Secretary  of  the  Treasury  is  also  authorized  at  his  option,  after 

17  the  first  of  July,  1863,  to  issue   and   sell   at  not  less  than  par  as 

18  estimated  in  Treasury  notes,  coupon  bonds   of  the  Confederate 

19  States,  bearing  six  per  cent,  interest  per  annum,  and  payable  as 

20  hereinbefore  directed.     The  said  coupons  to  be  paid  at  the  plea- 

21  sure  of  the  owner,  either  in  the  currency  in  which*«interest  is 

22  paid  on  other  bonds  of  che  Confederate  States,  or  else  in  cotton 

23  certificates  which  pledge  the  government  to   pay  the  same  in 

24  cotton   of   the    quality    of  New  Orleans  middlings.     The    said 

25  cotton  to  be  paid  at  the  rate  of  eight  pence  sterling  per  pound, 

26  and  to  be  delivered  at  any  time  within  six  months  after  the  ratifi- 

27  cation  of  a  treaty  of  peace  between  the  Confederate  States  and 

28  the  United  States,  at  any  or  all  of  the  ports  of  New  #i-leana, 

29  Mobile,  Savannah,  Charleston,  or  Wilmington,  as  the  Secretary 


7       . 

30  of  the  Treasury  may   direct:   Proinded,  however,  That  the  bonds 

31  hereby   authorized    shall    not    exceed    one    hundred    millions    of 

32  dollars,  and   shall   lie  applied  only  to  the  absorption  of  treasury 

33  notes,  as  prescribed  in  this  act. 

1  Sec.  8.   That  it   shall   be   the   duty  of    the    Secretary   of  the 

2  Treaisury,   immediately   after   the   passage   of  this   act,  to  make 

3  publication    of    a   copy   thereof  in   each    State,  in  at  least  two 

4  newspapers  published  in  the  State,  and  in   case  said   publication 

5  bo  not  made  at  least  sixty  days  prior  to  the  first  July,  1803,  then 
G  the  privilege  of  funding  treasur}'^  notes  in  seven  per  cent,  bonds 

7  shall  continue  for  sixty  days   after  the   date  of  such  pul)lication 

8  in  such  State,  where  such  publication  shall   not  have  been  made 

9  within  the  time  aforesaid. 


